Hello dear traders!
Overall, as Conan mentioned in the previous analysis EURUSD is mostly showing good growth prospects in all time frames, The main pair's price increase is supported by the softer Greenback.
EU is currently trading around 1.08816, higher than 1.0875 on Monday in the early hours of trading in Asia and up 0.14% on the day as measured by Tradingview. It seems that the bullish trend has returned after the move to clear the 1.0800 resistance level. Accordingly, with the prospect of increasing prices according to the classical analysis model, I expect that after reaching the gold mark, it will overcome the resistance level to keep the price protected by sellers, but in the context of price compression and gradually approaching above. As the volume grows, sellers have less and less opportunity to hold the resistance zone. Following a breakout from the resistance level and its confirmation as support further strengthening of the pair's technical target is expected to be at least 1.1800 and 1.2400 respectively.
Overall, as Conan mentioned in the previous analysis EURUSD is mostly showing good growth prospects in all time frames, The main pair's price increase is supported by the softer Greenback.
EU is currently trading around 1.08816, higher than 1.0875 on Monday in the early hours of trading in Asia and up 0.14% on the day as measured by Tradingview. It seems that the bullish trend has returned after the move to clear the 1.0800 resistance level. Accordingly, with the prospect of increasing prices according to the classical analysis model, I expect that after reaching the gold mark, it will overcome the resistance level to keep the price protected by sellers, but in the context of price compression and gradually approaching above. As the volume grows, sellers have less and less opportunity to hold the resistance zone. Following a breakout from the resistance level and its confirmation as support further strengthening of the pair's technical target is expected to be at least 1.1800 and 1.2400 respectively.
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Trade active
Comment:
he major currency pair remains in bullish territory due to investors’ higher risk appetite. The Euro has performed strongly in the past few trading sessions as market participants turn slightly cautious about whether the European Central Bank (ECB) will extend the policy-tightening spell beyond the June meeting.
Comment:
On the economic data front, investors will shift focus to the Eurozone and the United States preliminary Purchasing Managers Index (PMI) data for May, which will be published on Thursday. The PMI data will indicate their economic outlook.
Comment:
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